June is Homeownership Month
Carol Riggles • June 1, 2021
June is Homeownership Month!
Most renters share the dream of owning their own home someday, as do most of the clients we serve in our programming efforts to provide extensive financial education and housing counseling to prepare them for their future goals, especially homeownership.
Financial education and housing counseling is crucial toward making a difference in the lives of residents who are at risk of losing their homes through foreclosure, vulnerable to identity theft and debt reduction scams, and/or unable to create and manage household budgets that foster credit repair and asset building, such as homeownership.
Homeownership has the unique potential to break the cycle of poverty for low-income families, especially for the next generation. Low-income families that become homeowners often accumulate wealth and become more self-sufficient, depending less on state and federally supported assistance programs. They have improved mental and physical health and become more active in their communities. These families are also able to offer their children a greater sense of stability. This translates into children often making better grades and staying in school longer. In addition, success for low-income homeowners improves with pre- and post-purchase financial and homeowner education and counseling. Financially informed, low-income families with mortgages of appropriate size and with reasonable terms prove to be successful homeowners, benefiting themselves, their children, their neighborhoods, and the communities in which they live.
IHA has helped more than 300 families attain their dream of homeownership. Of these, approximately 60% are single mothers who wanted to be strong role models for their children – to show that “where there is a will there is a way” to reach your goals in life. More than 80% of these households needed financial counseling before they became qualified for a mortgage. Some of these households took several years before they were ready, but they refused to give up on their dream, and IHA provided the guidance they required every step of the way.
Homeownership programs like IHA’s help to reduce, even eliminate, the racial and income barriers that have historically and still currently exist, allowing families increased access to neighborhoods with better school districts and safer living conditions. For more information on IHA’s current homeownership program, please visit https://www.interfaithhousing.org/purchase-repair-homeownership.
Maryland and Frederick County: A Growing Housing Affordability Crisis Each year around this time, I share data that highlights the growing challenge of housing affordability in Maryland—and this year is no exception. Maryland now ranks as the 8th most expensive state in terms of wages needed to afford a modest two-bedroom apartment. A worker must earn $39.15 per hour —or nearly $81,450 annually —just to meet that threshold. Unfortunately, the situation in Frederick County is even more severe. Alongside Calvert and Charles counties, Frederick tops the list, requiring a staggering $44.50 per hour —equivalent to $92,560 annually —to afford a two-bedroom apartment. Meanwhile, the average renter in Frederick earns just $18.25 per hour , which translates to an affordable rent of only $949 per month —far below what the market demands. This stark disparity is exactly why the mission of Interfaith Housing Alliance (IHA) is so critical. We are committed to addressing these inequities and advocating for solutions that make safe, stable housing accessible to all. Below, you’ll find the 2025 data from the National Low Income Housing Coalition , detailing housing affordability across Maryland and its counties.
Interfaith Housing Alliance (IHA) is proud to announce two funding awards received this quarter from community partners. In July 2025, IHA received a $3,500 grant from The Croteau Family Charitable Gift Fund, which is a donor-advised fund (DAF) held at T. Rowe Price Charitable. IHA also received a $5,000 grant from The Natelli Communities Charitable Fund of The Community Foundation of Frederick County. These unrestricted funds will support all of IHA’s endeavors in strengthening the many communities we serve.
Money can sometimes feel overwhelming—but it doesn’t have to! This October, Interfaith Housing Alliance is offering our next Financial Freedom Bootcamp, a free, two-part workshop designed to help you take positive steps toward financial stability and confidence. The bootcamp kicks off with an in-person workshop on October 15th from 5:30–7:00pm, where participants will explore the building blocks of financial health. You’ll learn how to create a budget that actually works for your lifestyle, discover the best practices for saving, and walk away with strategies for reducing debt in realistic and manageable ways. After the first session, participants are invited to take part in an optional virtual Credit Café, a supportive space to dive deeper into questions about credit and money management. This extra resource helps reinforce what you’ve learned and gives you the chance to connect with others working toward similar goals. The second workshop will be held virtually on October 29th from 5:30–7:00pm, making it convenient to join from home. This session will focus on building confidence when communicating with creditors, understanding your credit, and setting SMART goals to stay on track for the future. Together, these two sessions provide practical, easy-to-use tools to support your financial journey. No matter where you are starting from—whether you’re new to budgeting, trying to rebuild your credit, or just looking for ways to feel more in control—Financial Freedom Bootcamp is a welcoming and encouraging place to begin. At a Glance What : Financial Freedom Bootcamp – free, two-part workshop series When: October 15th (in-person) & October 29th (virtual), both 5:30–7:00pm Topics: Budgeting, saving, debt reduction, credit confidence, SMART goal setting Extras: Optional virtual Credit Café between sessions Register: Contact Lacy Allen at lames@interfaithhousing.org or 301-662-4425 ext. 1203